T. HOLLIDAY HICKS, ESQ., GOVERNOR.

1860.

SEC. 3. And be it enacted, That as soon as five
hundred shares of the capital stock shall be sub-
scribed, as aforesaid, the said five persons, or a ma-
jority of them, shall call a general meeting of the
stockholders, at such time and place as they may
appoint, and at such meeting the stockholders
shall elect a president and four directors by ballot
to manage the affairs of the company, each stock-
holders at every election and at every voting shall
be entitled to have one vote for every share of stock
owned by him.

CHAP. 328.

Election of
president and
directors.

SEC. 4. And be it enacted, That the president
and directors for the time being, or a majority of
them, shall have power to call for payment of the
subscription to the capital stock as they may deem
necessary, under the penalty to the subscribers of
forfeiting all previous payments, due notice there-
of being given; to appoint all officers and agents
to manage the business and affairs of the company,
to purchase and lease property, and to erect there-
on all suitable buildings and works of the compa-
ny to manufacture gas and to dispose of the same
for the purposes hereinbefore stated, to excavate
the earth and lay pipes for gas in the said village
of Ellicotts Mills and its suburbs and precincts;

Power of the
president and
directors.

Provided, no injury is done thereby, and the Balti-
more and Fredericktown Turnpike company assent
thereto; to receive subscriptions for the whole or
any part of the capital stock remaining unsubscrib-
ed, in such manner and at such times as they may
deem proper, to make and pay over to the stock-
holders, from time to time, dividends of the net pro-
tits of the said company; to make rules, regulations
and by-laws for the government of the said com-
pany and its agents and officers, and to take such
bonds from them for the faithful performance of
their duty as are deemed necessary; to borrow mo-
ney, if required by the company, and secure the
same by mortgage on its property.

Proviso.

SEC. 5. And be it enacted, That the said presi-
dent and directors shall continue in office for one
year, and until the election and qualification of
their successors, the election of their successors shall
take place annually on the first Monday of May,
from among the stockholders, by ballot, of which
there shall be given due notice, and if such election
does not then take place, the said corporation shall
not thereby fee dissolved, but an election, may be

President and
directors —
their term of
office.